Forecast: Vehicles Production in Malaysia

The vehicle production in Malaysia in 2023 stood at 553.66 thousand units. Comparing year-on-year figures for 2022 and 2023, there was a moderate growth of 2.26%. Over the last two years, significant recovery was observed from the dip in 2020, mostly due to the global impact of COVID-19. The compound annual growth rate (CAGR) over the last 5 years stands at approximately -0.4%, indicating a slight decline in overall production.

Looking into future trends, the forecasted CAGR over the next five years is projected to be -0.66%, suggesting a marginal deceleration with production expected to decrease by 3.27% from 2024 to 2028. Key trends to watch for include:

• Technological advancements in automotive manufacturing.

• Shifts in consumer demand towards electric vehicles (EVs).

• Regulatory changes affecting production and emissions standards.

• Economic developments influencing domestic and export markets.